Silver futures surged more than 2% on MCX during Asian trading hours, tracking global gains in precious metals as investors turned to safe-haven assets amid uncertainty over US tariff policy.
On MCX, silver futures were trading at Rs 2,67,144 per kg, up Rs 6,400 or 2.45% as of 09:57 AM IST.
The rally comes after the US Supreme Court struck down a swathe of President Donald Trump’s tariff measures last week, triggering fresh policy uncertainty. Although the United States began collecting a temporary 10% global import tariff, the White House indicated that efforts are underway to raise it to 15%, adding to market confusion.
Global bullion trends
In the international market, spot gold was up 0.7% at $5,181.95 per ounce, while US gold futures for April delivery rose 0.5% to $5,200.40. Analysts noted that gold had earlier seen profit-booking after touching a three-week high.
Kyle Rodda, senior market analyst at Capital.com, said the return of the Chinese market and heightened US policy uncertainty are sustaining interest in gold and silver.
Spot silver climbed 2.4% to $89.44 per ounce after hitting a more than two-week high earlier in the week. Platinum rose 3.1% to $2,234.75, while palladium gained 2.2% to $1,807.27.
Fed signals and rate cut expectations
Two US Federal Reserve officials indicated there is no immediate appetite to change interest rate settings. However, markets are still pricing in three 25-basis-point rate cuts this year, according to CME’s FedWatch Tool.
Technically, gold is seen stabilising around support at $5,140 per ounce, with resistance levels near $5,205 and $5,244, according to Reuters analyst Wang Tao.
Geopolitical backdrop
Geopolitical tensions remain in focus, with Iran and the US set to hold a third round of nuclear talks in Geneva this week, adding another layer of uncertainty for global markets.
The combination of trade policy ambiguity, rate expectations and geopolitical risks is supporting demand for precious metals, with silver emerging as a key outperformer in today’s session.
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